Need life insurance policy

6 Events That Increase Your Need for Life Insurance, Northwestern Mutual

Many people don’t truly understand the importance of life insurance until the moment they hold their child in their arms for the first time. Your child is looking to you for everything. That baby will look to you for support even if you’re unable to provide it. Having children is a relatively well-known reason to purchase life insurance. But there are many other times in life when your need for life insurance increases. Even if you already have a policy in place, there are moments when you might want to add to your coverage in order to ensure your family is properly protected. TAKING OUT STUDENT LOANS If you co-signed for someone’s private student loans, you will be on the hook if something...

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Why do I need life insurance?

Question: Why do I need life insurance? Answer: Life insurance has several purposes. Its most important function is to replace the earnings that would cease at the death of the insured. For businesses, life insurance is a way to protect key employees and the business itself. A third purpose is to use life insurance to pay potential estate taxes. If you die during your earning years, your family could suffer a severe economic loss as a result of losing your current and future income. Unfortunately, your family would still have to pay its regular bills, the mortgage, and outstanding debts, and perhaps even continue saving for college and retirement. Unless you're independently wealthy,...

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Who needs life insurance, Elephant

Who needs life insurance Does someone depend on you financially? If your answer is yes, then you should consider purchasing an individual life insurance policy. While employer-sponsored life insurance is a great benefit, it typically provides only one or two times an employee’s salary. The role life insurance plays in your financial plan depends on your unique situation, but the typical amount of life insurance that is recommended is 10-20 times your annual salary. Consider below some of the most common policyholder situations. Married with no children Once you are married, financial obligations are shared. For this reason, it is recommended that you obtain a life insurance policy. If the...

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Yes, Your Stay-at-Home Spouse Needs Life Insurance, Chris Hogan

If your family depends on your income, buying life insurance for yourself is a no-brainer. They will need money to replace the money you’ve been bringing in every month. But what about your spouse who stays at home and takes care of children? Do they still need life insurance? Having life insurance means that you don’t add financial stress on top of the emotional loss of a loved one. A surviving spouse is left with some pretty big financial costs to bear. And without life insurance to help cushion the blow, the weight of that responsibility can be overwhelming. Just think about a few costs to consider if a stay-at-home spouse were to pass away: 1. Funeral expenses. Unless you’ve already put...

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The need and benefits of Life Insurance, AegonLife

The need and benefits of Life Insurance Do you have a family who depends on you in any way? Are you the primary bread-earner in your family? Do you want your family to be financially secure even after you pass away? If the answer to any or all of the above questions is a yes, then you definitely need life insurance. Unfortunately, though, many believe in the myth that paying for a life insurance premium is a waste of money. The basic truth, though, is that your family needs you to buy a life insurance cover. Here are the main benefits of life insurance Protection: Do you have any loans in your name, like a home or car loan? Remember, in case of your death, it is your family that will have...

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Who Needs Life Insurance?, HowStuffWorks

Not everyone needs life insurance. The general rule is that you only need life insurance if you have dependents. Typically, dependents are children who still live at home or have yet to graduate from college. But a dependent could be anyone who is financially dependent on you, like a spouse, sibling or an aging parent. Life insurance is generally designed for younger, working people with families. Here's why: Life insurance is meant to replace your "value" to your family once you're gone. For a working parent, a big part of that value is your salary. If you die, you'll want your family to receive enough money to replace your salary for at least the next five to seven years [source: Money....

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10 reasons you need to buy life insurance- Business News

10 reasons you need to buy life insurance Young people think life insurance is something you need to think about when you get old. But that is a big myth Buying life insurance is one of the most important financial decisions, but believe it or not, only 10 per cent of Indians are insured. But why is it so important? Well, regardless of how much you earn, no one knows what the future holds. Lots of people die a prematurely every year from illness or accident and, if you happen to be the sole breadwinner in the family and you were to pass away, it could have devastating consequences for your loved ones-their ability to pay household expenses, debts and maintain their standard of living. The...

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Dear millennial, do you need life insurance? - Livemint

Dear millennial, do you need life insurance? If you are in your 20s and 30s and are considering buying a life insurance policy, here is what you should know Mumbai: Smruti Valegaonkar, 25, Mumbai-based senior architect and product designer at MuseLab Design Engine, has a life insurance cover. “My parents bought it when I was a child,” said Valegaonkar, who has an endowment life insurance plan. The nominee of her insurance plan is her younger brother. “If she does not have dependence requirement, Valegaonkar can continue with the same plan,” said Suresh Sadagopan, founder of Ladder7 Financial Advisories. However, Valegaonkar wants to buy a separate life cover next...

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Moms Listen Up: You Need Life Insurance, Too

Moms Listen Up: You Need Life Insurance, Too Could you imagine what the total cost would be of having your own personal chef, nurse practitioner, counselor, bookkeeper, decorator, chauffeur, cleaning lady? If you’re a mom, you’ve probably just realized that I just listed some (definitely not all) of your daily duties of being a mother. It is very common in many households where the breadwinner has purchased plenty of insurance to cover them, but what about the stay at home mom who performs many of the above tasks on a daily basis? The fact remains is that many moms either don’t have adequate life insurance coverage on them or, even worse, don’t have any life...

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10 Reasons Why You May Need Life Insurance in Retirement, Quotacy

The main reason you buy life insurance is to replace your income if you die so that your loved ones do not find themselves crumbling in financial hardship. For young families, life insurance is extremely important because this is the time in their lives when suddenly losing a breadwinner can be devastating. With this reasoning, it is also why many financial advisors recommend term life insurance versus permanent life insurance for the average family. The thought behind this is that once your term ends, your children are grown, your mortgage may be nearly paid off, and you’re not far from retirement, so life insurance coverage is no longer a necessity. Everyone’s situation is different,...

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